Japan gets Oil Concession Renewal

Japan gets Oil Concession Renewal

UAE has agreed to extend an oil concession agreement between Japan and Abu Dhabi Oil Co adding a new zone. They expressed their intention to build on more than four decades of partnership and trade in energy between two of the world’s most dynamically growing regions. This partnership continues to develop in the areas of oil and gas exploration and production, as well as cooperation in research and development, in refining, and in a recently renewed strategic joint storage project between the two sides.
Seeking long-term energy security, Japan had requested Abu Dhabi to renew the oil concessions held by its oil companies. Japanese Oil Development Company owns 12 per cent of the Abu Dhabi Marine Operating Company (ADMA-OPCO) oil and gas concession, which expires in 2018.